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CHAPTER 30.
An act for the Completion of the Chesapeake and Ohio
Canal to Cumberland,
SECTION 1. Be it enacted by the General Assembly of
Maryland, That whenever the Chesapeake and Ohio
Canal Company, in a general meeting of the stock
holders assembled, shall assent and agree to all and
each of the provisions of this act, and shall commu-
nicate such assent, approval and agreement, under its cor-
porate seal, and the signature of the president, to the
Governor of this State, that then it shall be the duly of
the Commissioner of Loans of this State to issue, at such
time, and in such sums, of not less than one hundred dol-
lars, as may be deemed convenient, certificates of stock,
or bonds of this State, to an amount not exceeding, in the
whole, the sum of two million of dollars, irredeemable for
thirty years, and redeemable thereafter at the pleasure of
the State, and bearing an interest of six per centum per
annum, payable semi-annually at the loan office, in the city
of Baltimore, on the first day of January and July, in each
and every year; provided however, that no stocks shall be
issued until it will command par, and then only so much as
shall have been actually contracted to be sold.
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CHAP. 30.
Passed April 5,
1841.
Two million of
State bonds to
be issued upon
acceptance this
act.
Redeemable.
Proviso.
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SEC. 2. And be it enacted, That so soon as the Commis-
sioner of Loans shall have sold the said certificates of
stock or bonds of this State, or any portion of the same,
he shall pay the proceeds thereof into the Treasury of the
Western Shore; and the Treasurer of the Western Shore
shall set apart and apply the said proceeds, or so much
thereof, as may he necessary for the redemption of the
certificates which, may have been issued, or directed to be
issued by said Chesapeake and Ohio Canal Company, un-
der the provisions of this act, a full and satisfactory state-
ment of winch shall be laid before the treasurer by the
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Proceeds sales
to be paid into
treasury.
How applied.
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said canal company; and should the proceeds of sales of
said bonds or certificates of stock exceed the amount ne-
cessary for the redemption of said certificates issued, or
directed to bo issued as aforesaid, the said treasurer is
hereby authorised, upon the requisition of said canal com-
pany, to pay the surplus to said company; provided, that
in no one quarter of a year shall said treasurer pay to said
company more than four hundred thousand dollars.
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In case of excess
of proceeds, &c.
Proviso.
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